Business

PetroVietnam to cooperate with Murphy Oil

Released at: 11:21, 13/07/2015

PetroVietnam and Murphy Oil sign MoU while the former also meets with ExxonMobil to develop oil and gas projects.

by Cuong Diep

The Vietnam National Oil and Gas Group (PetroVietnam) and the US’s Murphy Oil Corporation recently signed a Memorandum of Understanding (MoU) on promoting cooperation opportunities between the two corporations in oil and gas projects.

Murphy Oil considers PetroVietnam to be a dynamic and highly-effective partner and is especially keen on participating in the development of the Block B gas project, the Malay - Tho Chu Basin in Vietnam, and a number of blocks in the Cuu Long Basin. It also welcomes PetroVietnam to take part in its projects in Mexico Bay.

Besides signing with Murphy Oil, leaders of PetroVietnam also met with the Vice Chairman of ExxonMobil for the Asia-Pacific region, Mr. Raymond E Jones, and other senior officials from ExxonMobil.

Mr. Jones expressed his appreciation of PetroVietnam’s efforts to work together with ExxonMobil in developing the Blue Whale (Ca Voi Xanh) project, located off the coast of Vietnam.

PetroVietnam Chairman Nguyen Xuan Son said that the cooperation agreements and contracts signed with ExxonMobil will be carried out with a view to sharing and creating the most favorable conditions to develop together.

The two sides will work to identify solutions to issues such as gas consumption, gas pricing, and commercial conditions. They also need to take the initiative in finding gas consumers who can use gas economically.

ExxonMobil will develop technology to focus on gas exploitation in the most effective way, reducing the cost and lowering the price. PetroVietnam will ask the Vietnamese Government to find ways to build gas-fired power plants and create an operating mechanism for gas consumers in the region.